6.15 Acre Commercial
For Sale
Contact for pricing
Pending
3003 S Memorial Dr, Tulsa, OK 74129
Versatile commercial property in high-traffic Tulsa corridor with development potential.
Property Size10,000 SF
Lot Size6.15 Acres
Days on Market195
Property Features for 3003 S Memorial Dr
General Information
Standard status
Pending
Size
10,000 SF
Lot size
6.15 Acres
Property subtype
Special Purpose
Zoning
IL
Building Details
Year Built
1980
Listing Agency:
Coldwell Banker Select Real Estate Midtown
Listed By:
David Roberts · License #OK
Source:
Crexi
Added: Jan 29
Changed: Aug 8
Last Checked: Jul 25 at 9:10AM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of Coldwell Banker Select Real Estate Midtown
Investment Insights
Based on property information with market context.
Located at 3003 S Memorial Drive in Tulsa, Oklahoma, this 6.15-acre commercial property presents development opportunities. The property, pending a lot split, is situated in a high-visibility, high-traffic corridor. Previously used as a used car lot, the expansive property is suitable for investors, business owners, or commercial developers. The location is surrounded by established businesses, retail options, dining establishments, and services. The property is suited for automotive sales, retail, storage, office space, or a service business.
Key Highlights
- High‑visibility, high‑traffic location on S Memorial Drive.
- Large 6.15‑acre commercial property (pending lot split).
- Versatile with endless development possibilities.
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$115,425
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
2.96%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$2,308,500
$2.3M
Cap Rate 7%
$1,648,929
$1.6M
Cap Rate 9%
$1,282,500
$1.3M
Market Conditions
NOI Build-Up for 10,000 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$180.0K $18.00/SF
− Vacancy
−$26.1K −$2.61/SF
EGI
$153.9K $15.39/SF
− OpEx
−$38.5K −$3.85/SF
NOI
$115.4K $11.54/SF
Area
Tulsa, OK
Vacancy
14.50%
Lease Rate
$18.00 /SF/Yr
Expense Ratio
25.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$2,308,500
Cap Rate 7%
$1,648,929
Cap Rate 9%
$1,282,500
Alternative Uses
Best Use
Office B
$1.65M
$1.44M – $1.92M
NOI $115,425 @ 7.0% cap · market cap 2.96%
Second Best
Retail
$1.38M
$1.20M – $1.60M
NOI $96,264 @ 7.0% cap · market cap 2.47%
Theoretical Best
Office A
$2.13M
$1.87M – $2.49M
NOI $149,299 @ 7.0% cap · market cap 3.83%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
497
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 74129, OK
18,755
Population
7,751
Households
2.4
Avg Household Size
34
Median Age
16%
College-Educated
78%
High-School Grad
4.0 sq mi
ZIP Area
4,689
Density / Sq Mi
$49,645
Median Household Income
$35,453
Median Earnings
$929
Median Rent
$141,900
Median Home Value
Market
Vacancy Rate% for Office in Tulsa, OK
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Parking lot & garage - Versatile commercial property in high-traffic Tulsa corridor with development potential.
Where is this parking lot & garage located?
The property is located at 3003 S Memorial Dr Tulsa, OK.
What is the asking price?
The asking price for this property is $3,900,000.
What are key features of this property?
This property features: High‑visibility, high‑traffic location on S Memorial Drive.; Large 6.15‑acre commercial property (pending lot split).; Versatile with endless development possibilities.
